SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

January 23, 2015 10:00 ET

Strong 2014 New York State Housing Market Posts Second Highest Sales Total in Seven Years

ALBANY, NY--(Marketwired - January 23, 2015) - Closed sales of residential properties in New York State surpassed the 100,000 mark for the second consecutive year to reach 106,919 during 2014, according to the annual housing market report released today by the New York State Association of REALTORS®. The 2014 annual median sales price of $225,000 kept pace with last year.

"The New York State housing market recovery marched on in 2014, driven by continued low mortgage interest rates, economic growth and rising consumer confidence," said Duncan MacKenzie, NYSAR CEO. "While total sales fell just shy of last year, it is important to recognize that sales remained at a high level. In fact, it is the first time since the 2006 and 2007 markets that annual sales have exceeded 100,000 units in consecutive years. The statewide median sales price also held on to the gains from last year as sellers received a growing percentage of their asking price at closing."

"While strong market fundamentals remain in place as we enter the new year, we expect the 2015 market to be aided by 2014 policy changes including the implementation of lower Federal Housing Administration mortgage insurance premium rates and the reasonable lending standards under the new Qualified Residential Mortgage rule," said MacKenzie. "Both of these actions will remove unnecessary barriers to homeownership placed before creditworthy borrowers, allowing them to pursue the American Dream of homeownership."

There were 106,919 existing single-family homes sold in 2014, a decrease of 1.3 percent from the 108,367 sold in 2013. There were 28,614 sales of existing single-family homes in the 2014 fourth quarter, an increase of 1 percent from 28,328 sales in the 2013 fourth quarter. The 9,435 sales in December 2014 represented an increase of 2.5 percent from December 2013.

The 2014 statewide annual median sales price was $225,000, down 0.7 percent from the $226,500 median in 2013. The fourth quarter 2014 median was $225,000, a decrease of 1.8 percent from the fourth quarter 2013 median of $229,175. The December 2014 median sales price was $230,000, a decrease of 2.1 percent from the December 2013 median of $235,000.

The months supply of inventory dropped 4.7 percent at year's end to a 8.2 months supply. It stood at 8.6 months at the end of 2013. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 76,682 units at the end of 2014, a decrease of 2.8 percent compared to the end of 2013.

Additional data is available at http://www.nysar.com/industry-resources/market-data

Editor's Note: All data is compiled from multiple listing services in the state of New York and the data now include townhomes and condominiums in addition to existing single-family homes.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 47,000 of New York State's real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

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